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AP Business NewsBrief at 3:34 a.m. EST(AP Online Via Acquire Media NewsEdge) Ukraine: Serious gas shortages possibleKIEV, Ukraine (AP) _ A top Ukrainian official has warned that European customers could see serious natural gas disruptions in about two weeks if the energy dispute between Russia and Ukraine is not resolved, and the Russian gas monopoly Gazprom accused Ukraine of boycotting contract negotiations. As Russia and Ukraine traded accusations in their bitter dispute over energy prices on Saturday, four European nations _ Romania, Hungary, Poland and Bulgaria _ all reported some supply drops in natural gas Saturday. Cadillac unveils sleeker SRX before Detroit showDETROIT (AP) _ General Motors Corp. is counting on the 2010 Cadillac SRX crossover vehicle to lure luxury car buyers with new design and performance features. The redesigned vehicle was unveiled Sunday and is set to go on display at the 2009 North American International Auto Show in Detroit later this month. It replaces the SRX model first launched in 2004. Chinese manufacturing shrinks in DecemberBEIJING (AP) _ China's manufacturing shrank for a third month in December as export demand fell, suggesting an economic slump is worsening despite government efforts to shield the country from global turmoil, according to data reported Sunday. A key indicator, the Purchasing Managers Index, edged up from November's all-time low but stood at 41.2, below the 50 level that shows activity is shrinking, the government-sanctioned China Federation of Logistics and Purchasing said. Obama: Country needs economic stimulus planCHICAGO (AP) _ President-elect Barack Obama urged congressional leaders Saturday to move quickly on an economic recovery plan, even as some Republicans are saying they want more time to review the details. Obama said Congress should pass an American Recovery and Reinvestment Plan designed to create 3 million jobs. The Democratic president-elect hasn't announced a final price tag on it, but aides said the cost could be as high as $775 billion. Rainbow Room to close restaurant, citing economyNEW YORK (AP) _ The recession has reached the ritzy Rainbow Room, the special-occasion spot that overlooks midtown Manhattan from high above the tourist-attracting Rockefeller Center skating rink. WNBC-TV reports that the owners plan to shutter the Italian-themed Rainbow Grill restaurant temporarily while keeping the establishment's bar, banquet space and dinner-dancing going on the 65th floor of the RCA building. Wall Street enjoys upbeat start to 2009NEW YORK (AP) _ Wall Street started 2009 with a big rally Friday as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months. All the major indexes shot up more than six percent for the week. The market lived up to the hopes of many analysts that it would have a fresh start in the new year after a horrific 2008. But many traders were also waiting to see how the market fares next week; they're cognizant of the fact that post-holiday volume was light and therefore Friday's trading might not be the best indicator of market sentiment. Pimco will pay delayed dividend after allNEW YORK (AP) _ Pacific Investment Management Co., which runs the world's largest bond fund, agreed to pay a monthly common share dividend that it had suspended earlier this week after a fund's asset coverage fell below required levels. The company said Friday it would pay an 8.125-cent dividend to Municipal Income Fund shareholders of record as of Dec. 11. Government sends Chrysler $4 billion bridge loanAUBURN HILLS, Mich. (AP) _ Chrysler LLC and the U.S. Treasury Department said Friday that the government had supplied the automaker with a $4 billion loan that was necessary to keep it operating. Chrysler Chief Executive Bob Nardelli said in a statement the loan would "allow the company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy." NY business sues Madoff to get back $10 millionNEW YORK (AP) _ A fuel service company has sued the trustee in charge of liquidating Bernard Madoff's assets, seeking to recover $10 million it invested with the disgraced financier. Rosenman Family LLC of Great Neck, New York, said in the lawsuit filed in U.S. Bankruptcy Court in Manhattan on Thursday that it deposited the money in one of Madoff's accounts on Dec. 5, six days before Madoff was arrested. Flowers, Soros, Michael Dell team to buy IndyMacWASHINGTON (AP) _ A seven-member investor group including billionaire George Soros and Dell Inc. founder Michael Dell have agreed to purchase failed lender IndyMac Bank, one of the largest casualties of the housing bust, for $13.9 billion. IndyMac, which specialized in loans made with little down payment or proof of assets, was seized by the government in July after a run on the bank as the U.S. housing market collapsed. The Federal Deposit Insurance Corp. said Friday that a holding company led by Steven Mnuchin, co-chief executive of private equity firm Dune Capital Management, agreed to buy IndyMac in a deal reached Wednesday. Copyright ? 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |